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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Lebanese Juggle Dizzying Rates for Devalued Pound

Signs show prices of meat in US dollars at a supermarket in Beirut, Lebanon March 9, 2023. REUTERS/Mohamed Azakir

When Caroline Sadaka buys groceries in the Lebanese capital Beirut, she keeps her phone in hand – not to check her shopping list but to calculate the spiraling costs of goods now priced at volatile exchange rates that vary by store and sector.

As Lebanon's economy continues to collapse, an array of exchange rates for the local pound has emerged, complicating personal accounting and dimming hopes of fulfilling a reform requirement set out by the International Monetary Fund.

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